North Carolina Down Payment Assistance Systems

Online Merchant account - These systems will be the Mortgage Credit Certificate and the Down Payment Assistance Program.

If you meet the requirements for one of those programs and you also purchase a house between December 1, 2009 and January 1, 2009, it is also possible to qualify for the $8,000 tax credit just enacted into law.

First, who is a First Time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house within the past three years. This is the same qualifying definition.

All home owners can claim an itemized deduction.

If you are eligible for the MCC, you'll be able to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. You can save as much as $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you will find a way to join this. This may reduce a buyer's tax liability by $10,000.

Household income is defined as the “gross income of the mortgagor and any person expected to live in the home who's 18 years of age or older.”

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limitations 1 Man $61,500 2 Men $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Cost Limits New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The purchaser just needs to pay $1,000 of their own funds and the load would pay around .

This plan has more stringent income limits than the MCC program outlined above. Like the MCC application, it can be utilized in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, can't be used in combination with the MCC. That is an either or scenario.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing House $210,000